Agility Robotics Is Going Public

Agility Robotics has entered into a definitive business combination agreement with Churchill Capital Corp XI, a publicly traded special purpose acquisition company.

If completed, the transaction is expected to result in Agility becoming publicly listed on a major North American exchange under the ticker AGLT.

For the XMAQUINA DAO, the proposed transaction marks a significant development for the Agility position approved through BOT-04 in August 2025. If completed, it would establish a path toward public market liquidity for an investment originally made through the private markets.

The Proposed Transaction

The proposed business combination values Agility at a USD 2.5 billion pre-money equity value and is expected to provide more than USD 620 million in gross proceeds.

Agility intends to use the proceeds to fulfill existing customer orders, expand commercial deployments, scale production of Digit v5, and continue investment across its robotics, Physical AI, software, safety, and manufacturing infrastructure.

The transaction has been announced but has not yet closed. Completion remains subject to approval by Churchill XI shareholders, SEC review and effectiveness of the Form S4 registration statement, required regulatory approvals, stock exchange listing approval, and other customary closing conditions.

Completion and timing therefore remain subject to the transaction process and the required third party approvals.

Read the full announcement from Agility Robotics

The DAO’s Investment

In August 2025, the DAO approved BOT-04, allocating USD 350,000 from the treasury to gain exposure to Agility Robotics through its Series C3 financing.

The DAO’s investment was made at a USD 1.75 billion pre-money valuation. The proposed SPAC transaction values Agility at USD 2.5 billion pre money, representing a higher valuation than the DAO’s original entry point.

This does not represent a realized return. The transaction has not yet closed, and the resulting public market value of the DAO’s position will only be established following the conversion and subsequent market trading.

What Happens to the DAO’s Position

Under the current transaction terms, the underlying Agility equity position is expected to roll into the combined public company at closing.

Existing Agility shareholders are expected to be subject to a 180 day lockup following completion of the transaction. Following the applicable lockup period, AGLT shares are ultimately expected to be distributed to investors in the investment vehicle through which the DAO participated.

The final conversion mechanics, resulting AGLT share count, and distribution details have not yet been confirmed. XMAQUINA will report these figures once they can be accurately reconciled.

Next Steps for the DAO

The transaction is currently expected to close in the fourth quarter of 2026, subject to the required approvals and closing conditions. A draft Form S4 registration statement was confidentially submitted to the SEC in July as part of that process.

No governance action is required at this stage. XMAQUINA will continue monitoring the transaction and report material developments as they are confirmed.

Once the transaction closes and the final conversion mechanics are confirmed, XMAQUINA will reconcile the resulting position and provide an updated record to the DAO.

Following the applicable lockup and distribution process, any decision concerning the position will fall within the DAO’s authority and will proceed through governance.

Agility is the first XMAQUINA portfolio position to reach this stage. As the transaction progresses, it will provide the DAO with its first practical example of the transition from a private treasury position toward public market liquidity.

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